Since early March in 2019, China Securities Regulatory Commission (“CSRC”) and Shanghai Stock Exchange ("SSE") have unveiled a set of detailed rules ("IPO Rules") on the Science and Technology Innovation Board ("New Tech Board"), which paved the way for the launch of a new security trading platform on SSE. The IPO Rules expressly encourage the public listing of companies that: (1) possess critical technology and breakthrough achievements in line with national strategy, (2) are active in high-tech industries and strategic emerging industries such as information technology, high-end equipment, new materials, new energy, eco-friendly technology and biomedicine, or (3) has a focus on the integration of internet, cloud computing, big data, artificial intelligence and high end manufacturing.

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